It’s a question many agencies, including ours, hears on a daily basis. While there a many variables that impact an insurance premium, the fact is our changing weather patterns and the claims that happen due to these changes are impacting premiums nationwide.
There were nearly 22,000 severe weather reports nationwide during 2012:
- 1,119 tornadoes
- 7,033 “large hail”
- 14,351 high-wind events
Here in Pennsylvania, our numbers were:
- 15 tornadoes
- 142 “large hail”
- 543 high-wind events
Over the past six years, homeowner claims due to wind and hail have quadrupled, increasing the number of roof being replaced and the cost of that replacement. Everyone’s insurance costs continue to rise due to these extreme conditions.
Analysts forecast the Superstorm Sandy is expected to be one of the most expensive insurance events, ranking as the 6th costliest event with losses projected up to $25 billion in damage.
Did you know?
- Since 2008, insured thunderstorm losses have totaled roughly $60 billion.
- Catastrophe losses were $7.7 billion in 2009.
- In 2011, a record number of $1 billion disasters caused more than $45 billion in total economic damage in the US.
- 2012 alone saw $11.5 billion in loss.
While we can’t control the weather, we can provide you with options that may help reduce your premium. Contact us today for more information on this topic or to discuss your current homeowners insurance program.